The big moves in MicroStrategy stock are just another sign that things may not be quite right with the market. MicroStrategy stock has had a heck of a rally. At Wednesday’s peak of $473.83, shares had gained nearly 600% this year,

Citron Research has taken a short position in MicroStrategy, the company said in a post on social media platform X on Thursday. Shares of the largest corporate holder of bitcoin were last down more than 8%.

MicroStrategy (NASDAQ:MSTR) slumped 16.2% to $397.28/share on Thursday, reversing earlier gains that saw shares rise nearly 15%, after activist short seller Andrew Left's Citron Research bet against the "overheated" stock.

Citron Research has voiced concerns over MicroStrategy's current valuation, even as the software company's shares have seen exponential growth fueled by its Bitcoin strategy. In a tweet on Thursday, the research firm reflected on

Shares of MicroStrategy Inc. ($MSTR) attracted significant attention among investors on Stocktwits Thursday, becoming the platform’s top trending symbol after short-seller Citron Research revealed it had taken a short position on the stock.